We study a unique data-set containing individuals who were given the opportunity to substitute a guaranteed pension product with relatively low levels of risk for a market-sensitive pension product with both a higher degree of financial risk and exposure to macro longevity risk. Implicitly there is a longevity hedge built into the guaranteed product that is abolished when one switches to the market-sensitive product. The analysis shows that situations might arise where expected pension payments in the market-sensitive product fall below expected pension payments in the guaranteed product, despite the fact that the former has a higher expected return from financial assets. We find that young male residents of Copenhagen with a degree in economics who are guaranteed a low return on their pension savings and have moderate pension wealth are more likely to switch to the market-sensitive pension product.

我们研究了一个独特的数据集，其中包含个人，他们有机会用较低风险水平的有保障的养老金产品替代具有较高财务风险和承受宏观寿命风险的市场敏感养老金产品。隐含地在保证产品中建立了长寿套期保值机制，当人们转向对市场敏感的产品时，该套期保值机制就被取消了。分析表明，尽管前者的金融资产预期收益较高，但市场敏感产品的预期养老金支付额低于担保产品的预期养老金支付额的情况可能会出现。